AbbVie's $55 Billion Deal To Buy Shire Is Worth it

The long-negotiated deal enables AbbVie to slash its taxes by moving its legal address outside of the U.S.

AbbVie will buy Shire -- and not a moment too soon, as Shire's acceptance ended the months-long bidding process hours before a regulatory deadline. Now it's time for AbbVie (ticker: ABBV) to start reaping the benefits.

Early Friday, AbbVie said that Dublin-based Shire (SHPG) accepted its $55 billion takeover offer (its fifth since May 3), as Shire rejected previous offers for undervaluing the company. The deal includes...